For small and medium-sized enterprises (SMEs), being prepared with the right insurance coverage means safeguarding the hard work, dedication and investment you’ve poured into your business. It’s about ensuring that, in the face of adversity, your business can continue to operate, recover from setbacks and sustain its growth trajectory without being crippled by financial strain.

Here are the essential types of insurance coverage that every SME should consider:

1. Property Insurance
   Property insurance safeguards your business’s physical assets – such as buildings, equipment and furniture – against damage or loss resulting from fires, storms, theft and other insured events. Protecting these assets ensures that your business can continue to run smoothly after an unexpected event.




2. Liability Insurance
   In today’s lawsuit-prone society, liability insurance protects your SME against claims resulting from injuries or property damage to others caused by your products, services or general business operations. For example, if a customer slips and falls in your store, liability insurance can cover legal fees and any settlements or awards.




3. Business Interruption Insurance
   Business income insurance covers lost income and operating expenses during temporary closures caused by insured perils. This can include rent, loss of revenues/fees, employee wages and even loss of income that would have been earned during the closure period. This insurance can mean the difference between weathering a storm and closing down permanently.




4. Cyber Liability Insurance
   With the digital age in full swing, cyber liability insurance is becoming increasingly important as SMEs rely more on technology and store sensitive information electronically. This coverage helps protect against losses resulting from data breaches or attacks, including customer notification costs, recovery of compromised data and legal fees associated with the breach.
   
   By investing in these essential types of insurance, you can protect your business from significant financial losses, ensuring that it remains resilient in the face of adversity. 
   
   Interested in protecting your SME with comprehensive insurance? Reach out to ProVérte today for expert guidance and solutions.

Although all possible care was taken in the drafting of this document, the factual correctness of the information contained herein cannot be guaranteed. This document does not constitute advice and anyone planning on taking any financial action based on this document, is strongly advised to first consult with their personal financial advisor. ProVérte Risk Management is an authorised financial service provider with FSP no. 51584.